Many people question the best use of expendable income as to whether or not additional payments should be made toward student loan debt or if those extra funds should be allocated toward savings or investments. If you have a reasonable expectation of high returns in the market the question becomes debatable however, if you are paying high interest, have a high balance or have unpredictable cash flow it is more than likely more prudent to try to pay down the student loan debt faster.
Here are some pros and cons for paying down the student loan debt or investing:
Pros:
Cons:
Best for:
Pros:
Cons:
Best for:
As always, it is important to evaluating your personal financial picture. There is never a one size fits all answer. Prioritizing all your goals and weighing all of the pros and cons should be your approach. Get in touch with us today if you would like to discuss your debts, savings goals and personal priorities and we can assist you in navigating all of the particulars.
Athena K. Stone has been with Attentive Investment Managers, Inc. since 2003, is an Investment Advisor and the Chief Compliance Officer for the company. Mrs. Stone earned her Chartered Retirement Planning Counselor (CRPC) designation in 2010 from the College for Financial Planning. She received the designation of Accredited Investment Fiduciary (AIF) from Fi360 in 2011. She earned her Bachelor of Arts Degree in Organizational Leadership from Brandman University in 2012 and her Master of Science in Financial Planning and Designation of MPAS (Master Planner Advanced Studies) from the College for Financial Planning in 2018.
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